Sun Bancorp to Close Three New Jersey Branches

Sun Bancorp (SNBC) in Vineland, N.J., will close three branches near the Philadelphia suburbs as looks to cut costs.

Sun will close Sun National Bank branches in New Jersey, located in Cherry Hill, Lawrence Township and Mystic Island, spokeswoman Heather Hardwick says. The $3.2 billion-asset company is waiting for the New Jersey Department of Banking to approve the closures.

Sun will "dedicate the resources of those branches to other locations after analyzing customer markets and growth patterns in the state," Hardwick says. The branches set to close are near other Sun branches.

The closings come as $12.7 billion-asset Investors Bancorp (ISBC), the third-largest bank headquartered in New Jersey, has expanded into southern New Jersey through two acquisitions. Sun is the seventh-largest New Jersey-based bank, measured by assets.